In general, personal finance is related to the application of financial principles to monetary decisions of an individual or family unit. Personal finance typically takes into account financial risks and future events in determining how the individual or family unit obtains, budgets, saves, and spends financial resources. Components of personal finance may include the monitoring and management of various items, such as bank accounts, investment accounts, retirement accounts, credit card accounts, consumer loan accounts, social security benefits, insurance policies, income tax, etc.
During the daily lives of an individual or family unit, one or more events occur that affect the status of one or more accounts. For example, an individual may move, lose a credit card, change names, or otherwise be affected by an event. Such events trigger the need to update entities (e.g., financial institutions, governmental entities, etc.) regarding the status of one or more accounts. To successfully contact the entities, information must be maintained and recalled regarding the account information and the contact information for each of the accounts associated with the individual or family unit.